Analyst: RAVE team effectively controls 98% of total supply

The team behind Ravedao (RAVE), which has surged approximately 3,700% over the past seven days, effectively controls about 98% of the token's total supply, crypto analyst MLM (@mlmabc) said on X. The analyst explained that an address presumed to belong to the team holds 95.3% of the supply, while Bitget addresses believed to be insiders hold another 3.1%. An additional 0.34% is held on Gate.io, which MLM also suggested is likely an insider holding. While not all exchange holders are insiders, this means the team controls over 98% of the supply, MLM argued. Consequently, the analyst stated that RAVE's effective market capitalization is around $200 million, not the more than $10 billion figure suggested by its fully diluted valuation. RAVE has a total supply of one billion tokens and a circulating supply of 248.04 million. According to CoinMarketCap, RAVE is currently trading at $9.47, up 3,747.59% over the last seven days, with a fully diluted valuation of approximately $9.47 billion.